JK Tyre & Industries Ltd Share Price – NSE  /  BSE

Tyres, Small Cap

JK Tyre & Industries announced that CARE Ratings has reaffirmed the long-term ratings of the Company at CARE A+ and revised the short-term ratings to CARE A1 + from CARE A1. The outlook has however been revised from Stable to Positive.

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JK Tyre & Industries announced that the Board of Directors of the Company at its meeting held on 6 February 2024, inter alia, have recommended the interim dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Revenue from operations increased 2.07% YoY to Rs 3,687.72 crore in Q3 FY24.

Profit before exceptional items and tax stood at Rs 345.02 crore in Q3 FY24, steeply higher than Rs 126.86 crore posted in corresponding quarter last year.

The company has achieved an EBITDA of 563 crore, recording growth of 61% as compared to the same period last year.

Notably, the net debt stood at Rs 3,456 crore, registering a 24% reduction from the levels recorded in March 2023.

Meanwhile, the company has declared an interim dividend of Rs 2 per share. Record date is fixed as on Friday, 16 February 2024. he interim dividend will be paid on 27th February 2024.

Further, the company’s board has approved to acquire 50,000 equity shares of Renew Wind Energy at Rs 204 per share including premium of Rs 194 per equity share. After investment the company’s shareholding in Renew Wind Energy will increase to 65,700 equity shares (from 4.35% to 18.22%).

Raghupati Singhania, chairman and managing director, said, “At JK Tyre, we remain committed to achieving profitable growth centered on product premiumization, volume expansion, and optimizing our product mix. The demand outlook remains optimistic, driven by the strong momentum in economic activity and positive consumer sentiments, across product categories.

The global demand scenario is still challenging due to geo-political disturbances affecting exports during the quarter.

Highlighting the signfficant contributions of subsidiaries, namely Cavendish Industries (CIL) and JK Tornel, Mexico, Dr. singhania acknowledged their role in bolstering the company's overall revenues and profitability.

We have successfully raised Rs 500 crore by way of QIP in December 2023, which received an overwhelming response from investors at large, reinforcing investor’s confidence in JK Tyre's growth story.”

JK Tyre & Industries is currently the market leader in truck bus radial segment. The company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, off-the-road and two & three-wheelers.

The scrip rose 0.59% to Rs 535.35 on the BSE.

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Net profit of JK Tyre & Industries rose 236.82% to Rs 220.92 crore in the quarter ended December 2023 as against Rs 65.59 crore during the previous quarter ended December 2022. Sales rose 2.07% to Rs 3687.72 crore in the quarter ended December 2023 as against Rs 3612.92 crore during the previous quarter ended December 2022.

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